Scilex (NASDAQ:SCLX) Given New $8.00 Price Target at HC Wainwright

Scilex (NASDAQ:SCLX) had its price objective lowered by HC Wainwright from $12.00 to $8.00 in a report published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Scilex Trading Up 1.4 %

NASDAQ SCLX traded up $0.01 during trading hours on Friday, reaching $0.86. 381,500 shares of the company’s stock were exchanged, compared to its average volume of 979,386. The stock has a market cap of $142.92 million, a PE ratio of -0.67 and a beta of 0.91. Scilex has a one year low of $0.80 and a one year high of $8.37. The firm has a fifty day moving average of $1.35 and a 200-day moving average of $1.49.

Scilex (NASDAQ:SCLX) last released its quarterly earnings results on Monday, March 11th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.04). The company had revenue of $13.46 million during the quarter, compared to analyst estimates of $11.43 million. As a group, research analysts forecast that Scilex will post -0.51 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Collective Family Office LLC boosted its position in Scilex by 68.4% in the 1st quarter. Collective Family Office LLC now owns 21,950 shares of the company’s stock valued at $35,000 after buying an additional 8,918 shares during the last quarter. Cannon Global Investment Management LLC bought a new position in Scilex in the 1st quarter valued at $40,000. Focus Financial Network Inc. ADV bought a new position in Scilex in the 4th quarter valued at $58,000. Bank of New York Mellon Corp bought a new position in Scilex in the 3rd quarter valued at $68,000. Finally, Donald L. Hagan LLC boosted its position in Scilex by 49.1% in the 4th quarter. Donald L. Hagan LLC now owns 52,343 shares of the company’s stock valued at $107,000 after buying an additional 17,245 shares during the last quarter. 69.67% of the stock is currently owned by institutional investors.

Scilex Company Profile

Scilex Holding Company focuses on acquiring, developing, and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Its commercial products include ZTlido (lidocaine topical system) 1.8% (ZTlido), a prescription lidocaine topical product for the relief of neuropathic pain associated with postherpetic neuralgia (PHN), which is a form of post-shingles nerve pain; ELYXYB, a ready-to-use oral solution for the acute treatment of migraine with or without aura in adults; and GLOPERBA, a liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults.